Nigeria’s foremost anti-graft agency, the EFCC is advocating for a review of the money laundering prevention and prohibition Law to strengthen the fight against corruption and terrorism.
The Economic and Financial Crimes Commission EFCC is also advising the government against establishing a new Agency for the sole responsibility of managing the proceeds of crimes recovered by the government.
These were part of the submissions of the commission at a one day public hearing organised by the Senate on three bills currently undergoing repeal and re-enactment.
Secretary of the EFCC, Mr.
George Ikumi who represented the anti-graft Agency at the event on Thursday, believes that the penalty for money Laundering should be reduced and properly categorised for effective dispensation of justice.
According to him, the penalty for laundering a million naira should be far less than the penalty for laundering larger amount of money.
President of the senate, Ahmad Lawan while declaring the public hearing open, assured Nigerians that 9th National Assembly remains committed to playing its role in the area of helping Nigeria to tackle every form of corruption through effective legislations.
The Bills under consideration at the public hearing include: Money Laundering prevention and prohibition bill (2021), the Public Complaints Commission repeal and re-enactment bill (2022), and the Proceeds of crimes recovery and management Bill, (2021).
Anti-graft Agency seeks Review of Money Laundering Law